Redis connection burst in Laravel application causing application slowdown

Question

We are using Laravel 10 medium sized application that's serving around 5000 requests per second. All of this is running on multiple AWS EC2 instances. We are using Postgres database and Redis for cache. In last few weeks we've noticed issues with out application slowing down randomly for few minutes. No errors, database or application servers are not overloaded, however seems that application is creating multiples of Redis connections when this issue is happening. Usually there is 100 - 200 connections opened, however during this issue we are recording 400 - 600 connections. We increased resources to our Redis instance, however bursts of connections are still happening and we can still see slowdown in our application. I can see that this may be just a symptom of something hidden. Would you have any suggestions on how to even start to debug this problem? What should we focus on?

Thanks